A named-perils policy usually requires a higher premium than an open-perils policy.

Name: A named-perils policy usually requires a higher premium than an open-perils policy.
Brand: Quizplus
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Question

Quizplus · Accepted Answer

A named-perils policy typically requires a lower premium than an open-perils policy because it covers only the risks specifically listed in the policy, whereas an open-perils policy covers all risks except those explicitly excluded, offering broader coverage.

A Named-Perils Policy Usually Requires a Higher Premium Than an Open-Perils